In 2017, cryptocurrencies stole the spotlight from traditional investment vehicles when Bitcoin made all-time highs. With its historic price run from $900 to $20,000, Bitcoin has caught the attention of all investors and lured them to the crypto market.
While Bitcoin has become the “poster boy” of the crypto economy, there are actually thousands of other cryptocurrencies out there. Since the creation of Bitcoin in 2009, cryptocurrencies have grown to over 2,000 and still continues to grow as new coins are being launched almost every day.
Bitcoin: Most Popular and Widely Traded
Typically, Bitcoin is the first coin that a crypto newcomer would likely invest in. Being the most popular and widely traded digital coin, it offers some level of trust and stability, which makes it a good entry point for crypto traders and investors. With Bitcoin, you can learn about how the market works, its risks and opportunities, its volatile movement, and how to trade safely in the digital coins economy.
But once you’ve mastered Bitcoin and the dynamics of the cryptocurrencies, you’ll be drawn to digital coins beyond Bitcoin. Furthermore, investing in other crypto assets becomes inevitable as you diversify your portfolio to minimize risks.
An altcoin or an “alternative coin” is a coin that works like Bitcoin or as an alternative to bitcoin. Over the past couple of years, different blockchain technologies have emerged offering game-changing solutions to the tech world. An IT specialist at Tricension has noted an increase in the IT needs of blockchain-based companies and startups. Many of these companies have tied up an altcoin to their solution.
Noteworthy Cryptocurrencies Beyond Bitcoin
The emergence of Bitcoin has sparked a number of copycats. Let’s take a look at some noteworthy alternatives of bitcoin.
• Ether (ETH)
Ether is a digital coin that is specifically intended to power Ethereum, which uses blockchain technology to run smart contracts. Smart contracts use cryptography to ensure reliability and full automation of contract conditions. For example, a payment will be made only after the conditions in the smart contract are met.
• Ripple (XRP)
This digital coin was developed to make it easier for banks, multi-national companies, and money transfer services to send money globally using the blockchain. Ripple enables instantaneous money transfers at a lower cost.
• Dogecoin (DOGE)
Although Dogecoin may seem like an obscure altcoin, it is actually a valuable coin with an impressive market cap of $1 billion. Initially, this coin was developed as a joke and based on a meme. It was to be used to tip people on social media for amazing posts but eventually grew in value. If there’s one thing Dogecoin will be most known for, it’s for being very friendly to new crypto investors and for a relaxed trading community.
• Monero (XMR)
Designed to provide a completely private, secure and untraceable digital currency, Monero enables you to pay anyone without leaving any trail of the transaction. The blockchain enables completely anonymous digital payments.
• IOTA (IOTA)
Anticipating the potentials of the “Internet of things”, IOTA is an extremely forward-looking project. It aims to link machines among each other to create a network of connected systems. The network is aimed to enable seamless communication between different kinds of gadgets and devices, as well as, to allow transactions.
• Golem (GNT)
This digital currency powers up Golem, a blockchain-based technology that turns home computers into a supercomputer. It works by creating and monetizing an elaborate network of home PCs and phones into a supercomputer. Blockchain provides a safe and secured platform to run.
• OmiseGO (OMG)
With a current market cap of $1.4 billion, OmiseGO is aimed to enable users to send, receive and store money using digital wallets sans bank accounts and third-party financial institutions. The OmiseGO is supported by the Ethereum technology.
• NEO (NEO)
Dubbed as the “Ethereum of China,” NEO has a market cap of $5.5 billion. This digital coin comes from China and focuses on developing decentralized apps and smart contracts. NEO also pays out dividends. However, since it is associated with the Chinese, it’s quite difficult to predict where it’s headed.
This article was provided by bitcoinfy.org